Gold: 1200.40 -5.70▼
| Silver: 14.17 -0.06▼
| Platinum: 802.00 +3.00▲
| Palladium: 978.00 +6.00▲
15:15 NY Time
Opinion with Peter Hug
Gold Price Risk Is To The Upside
Peter Hug
Thursday September 13, 2018 08:15
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) – As per our comment last week, we remain constructive on gold and continue to see the risk to the bear camp. The first nudge was the lower PPI print, which created some speculation that the Fed may be less aggressive going forward. Then came yesterday’s suggestion that the U.S.-China trade war may be calming, with the U.S. invitation to the Chinese to continue dialogue. Interest rates still favor the dollar but any conciliation on the trade front should mitigate dollar flows from a safe-haven perspective. This is certainly not an all clear for gold, but it looks like the bottom has been established in August. The shorts will become increasingly restless should gold break above $1,212 and given the amount of short interest in the market, the exit door is growing smaller. We see small support at the $1,202 level.
By Peter Hug
Contributing to kitco.com
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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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